TechFlow, July 10 — According to Glassnode data, Bitcoin spot CVD has been steadily declining for weeks, while futures CVD shows an upward trend, indicating that the current BTC price rise is primarily driven by leverage rather than spot demand. Since reaching its all-time high, the spot market has seen continuous selling, while the futures market remains in buying mode. Funding rates remain low and have even turned briefly negative, suggesting the market has not yet experienced crowded trades. Analysts note that this divergence between spot and futures markets creates a structurally fragile market environment, which could face liquidity tightening risks unless spot market interest rebounds.
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